Oslo, October 9 - Neftegaz.RU. Norwegian oil & gas giant Equinor has reduced the estimated investments for operated projects in the development phase on the Norwegian continental shelf by some NOK 30 billion ($3.6 billion) since the development plans were submitted to Norwegian authorities.
This appears from the status for Norwegian projects under development published in the Government’s national budget proposal for 2019, Equinor said on October 8.
Equinor-operated projects that are included in the reporting to the budget are: Aasta Hansteen, Bauge, Johan Castberg, Johan Sverdrup phase 1, Martin Linge, Njord Future, Oseberg Vestflanken 2, Snorre Expansion, Trestakk and Utgard
Margareth Ovrum, Equinor’s VP for Technology, Projects and Drilling, said: «We have successfully reduced the investment estimates by approximately NOK 30 billion since submitting the PDOs to the authorities. The improvements have been achieved in close collaboration with our partners and suppliers, and are mainly a result of increased drilling efficiency, simplification and high-quality project implementation. These figures also include the market effect we have achieved by counter-cyclical investments.»
Adjusting for the currency effects of a weak NOK, the reduction of investments for the portfolio is substantially bigger.